Shark Tank promises fortune and financial success to ambitious entrepreneurs with a good idea.
The sharks pick and help fund some of the best and most viable products, but not all of them become a hit. Some companies are just not meant to live.
On the other hand, there have been many products and entrepreneurs who made it big with the help of the show and currently own a business worth millions of dollars. We are looking at 10 of these success stories today!
The married couple pitched a company called Grace and Lace: their plan was to sell crocheted socks, leg-warmers, and scarves, which were back then hand-made by Melissa Hinnant. One of the sharks, Barbara Corcoran, invested $175K and asked for 10% of the company, which the couple accepted quickly.
Today, Grace and Lace are not just selling crocheted leg-warmers; they are a women’s apparel company with designers, wholesale items, and much more. They cater to mothers and offer a wide variety of clothing, from business to casual looks, to match every mom’s lifestyle. The company is estimated to have generated over $15m in revenue.
The pair pitched an early detection and prevention system against bed bugs to the shark. Their company is called Buggy Beds. The women managed to convince all five sharks to invest in the ingenious idea, and they received $250K to jump-start the business. These sharks also own 25% of the company.
The product became a success: it is available in 350 Home Depot stores all across the USA, they ship worldwide, and they are installed in every single Burlington Coats factory to prevent contamination. According to Entertainment Weekly, the company made $1.2m in sales in 2016.
As the inventor of Squatty Potty, Bobby Edwards managed to earn a fortune off Shark Tank. The product sounds like a joke at first: it is meant to elevate your feet in order to be able to squat over the toilet. This position reportedly helps with constipation. Sharks Lori Greiner and Kevin O’Leary pitched in $350K to help Edwards launch his business, for 10% of the company.
Squatty Potty was a massive success: after Edwards’ appearance on the show, he managed to sell many of the stools and made $12.3m in three months. Currently, the company sells potties for children, bathroom accessories, and newer versions of the original squatty potty. They are available in 11000 Bed, Bath & Beyond stores.
The duo pitched a baking company to the sharks during season 4 of Shark Tank. The ingenious twist to their product is that they don’t sell regular cupcakes. They package them in jars, so they are easy to eat with a spoon anywhere. They impressed Kevin O’Leary, who offered them a deal that he doesn’t regret today.
The cupcake company grew by 600% and set a trend; desserts packaged in a jar are now widely available anywhere. O’Leary still helps and advises Noonan and Desroches, who reportedly made over $8m in sales, targeting not only individuals but corporate businesses as well, selling gift baskets and custom labels.
Carbone had a unique idea and a unique pitch to the sharks: she turned the studio into a horror movie scene to pitch Ten Thirty One Productions, an entertainment company that focuses on producing live horror attractions. Before she appeared on the show, Carbone organized a Haunted Hayride in Los Angeles, to great success.
Her pitch convinced Mark Cuban to give her $2m for a 20% stake in the company. Carbone invested the money into furthering her business, expanding her shows to New York City and Dallas. Ten Thirty One Productions reportedly made over $5m in 2017.
The father-daughter duo went on the show to pitch a recipe for boneless ribs. The company, selling Bubba-Q Boneless Ribs, seemed like a viable business to shark Daymond John, who invested $300K in it, for 30% equity in the company.
According to Bustle, Bubba-Q is a success; they are barely able to keep up with the number of orders, and their product is sold in 150 stores nationwide. They made $400K in online sales only 5 months after appearing on the show, and Bubba Baker appears frequently on cooking shows on the Food Network.
Yim invented an app that turns your phone into a breathalyzer. The product, called Breathometer, attaches to smartphones and analyzes whether you had too much to drink to drive safely. Yim appeared on season 5 of the show, and he was the first one to go into business with all five sharks.
They invested $650K for a 30% stake in the company, and they don’t regret it. Breathometer’s net worth is valued at around 10-12 million dollars. The product can also be purchased in Walmart and Best Buy.
Julie and Brian Whiteman’s idea stems from a simple truth: we all take photos with our phones. Most of these pictures are never printed out, but there is sentimental value in having them bound in a real photo album. So, the couple came up with the idea of Groovebook, a subscription service that provides customers monthly with a bound photo album of all the pictures they have taken that month.
Mark Cuban and Kevin O’Leary invested in the company, offering $150K for 80% of the licensing profits. The company was sold to Shutterfly in 2014, for over $14m, and the Whitemans report that their idea changed their lives for the better.
The two friends came up with the niche clothing company, Tipsy Elves. They produce ugly Christmas sweaters and other novelty items as well. They appeared on season 4 of Shark Tank, and Robert Herjavec gave them $100K for 10% equity.
Tipsy Elves made $390K on their opening day, and since then they’ve been steadily making a profit. The entrepreneurs use YouTubers to spread the word about their sweaters, and their products were even featured in a Seth Rogen movie, thus giving them even more exposure. The company is reportedly worth $12m.
Aaron Krause invented a very unique sponge called the Scrub Daddy – the sun-shaped sponge with a smiley face in the middle softens in warm water and stiffens in cold water. It also doesn’t scratch delicate kitchen utensils, and it is dishwasher-safe.
Krause received $200K from Lori Greiner for 20% equity, and he went on to create an empire with it. The company is worth upwards of $170m currently, and they sell over 10 million units yearly. Called America’s favorite sponge, the product is available in Walmart; QVC; Bed, Bath & Beyond; Target; and Staples.
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